Prominent angel investor Dave McClure's incubator 500 Startups has set up a US$10 million fund dedicated to the Southeast Asia region.
The fund was filed under the name "500 Durians" with the U.S. Securities and Exchange Commission (SEC), according to a report on Wednesday by Techcrunch. This follows other region-specific funds such as "500 Luchadores" for Mexico or "500 StartupWallah" for India.
To oversee, 500 Startups has hired Malaysia-based entrepreneur Khailee Ng as venture partner, added Techcrunch. It recently added entrepreneur as its India venture partner.
Ng had co-founded group buying site GroupsMore which was later acquired by. He is also co-founder of Southeast Asian social news company SAYS.com, which recently merged with Catcha Media.
The news comes ahead of one of 500 Startup's flagship events, Geeks on A Plane, making its way to Southeast Asia in the first half of June following its India tour.